Plastic-free chewing gum company Milliways has raised $3m from a group of veterans in the category as it seeks to expand in the US.
In a statement, the UK-based business said the new capital will be used to “accelerate marketing, expand retail distribution and grow inventories”.
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Investors in the round included Mehmet Yüksek, former CEO of Perfetti Van Melle, and existing backer Leon Amram, who founded the Turkish gum business Intergum, which was later sold to Cadbury owner Mondelez International.
They are joined by “other industry executives who collectively bring decades of experience building global chewing gum brands”, Milliways said.
Founded in 2021, the company’s gums are plant-based, biodegradable and sugar-free.
Tom Raviv, Milliways’ founder and CEO, said: “We are seeing the embrace of high quality, plastic-free alternatives from retailers and shoppers, and we are excited to continue growing our presence across the US. This new funding round allows us to make Milliways available to more consumers every day.”
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By GlobalDataThe company launched in the US just over a year ago and has since expanded to more than 2,000 outlets nationwide, according to the statement.
Stockists include Sprouts, Meijer, Hy-Vee, Raley’s and Fred Meyer. “Milliways has an exciting year ahead with new retailers getting behind our mission,” Raviv said.
Since launch, Milliways has raised $10m in total and is now available in more than 10,000 stores worldwide, according to the company.
In 2023, the group completed a £3m (then $3.9m) funding round, which included private-equity firm KLT and MR Amram.
The start-up also raised £1m in 2021.
